New condo-sale rule brings relief to many, grief to some (BC)
Developers, lawyers, realtors and some condominium own-ers rejoiced last summer when the B.C. government changed the law to make it easier for strata corporations to sell assets. The government’s Bill 40 lowered the bar so that if 80% of the owners in a strata corporation vote to dissolve that entity and sell the site to a developer, they can petition BC Supreme Court for final approval. The court then takes into consideration whether owners who oppose the sale will suffer a significant hardship. Court approval is not a rubber-stamp process, but proposals are now a lot more likely to find success in court than they would have before Bill 40 became law. Read the article………….
Owners of a 114-unit condominium complex in North Vancouver have become among the first to achieve court approval to sell
Q. I would like to consider buying a condo, but not before I know whether I can operate my small